What's The Big Deal With Expert Advisors (EAs)?
If you are familiar with Forex, I bet this is one of those questions that got your brain juices running.
My trading career begun when, Expert Advisors were becoming popular among the retail traders. The hype and results surrounding those systems were so mind-blowing that I believed Forex would be an easy trading game. I wasted a lot of time and money in search of the best Expert Advisor out there. I bought literally every EA that hit the market. They all promised the sky but in the end I was left with nothing. It took me a while to come to terms that most of those systems were no definite solution to currency trading.
Why use Expert Advisors?
These are the main points why traders use EA's:
- System is on autopilot
- Less emotion
- More time to relax
- Emotion free
- Easy to use
- No experience required
- Help documents available
As a trader, those are the benefits you will be exposed to having an Expert Advisor trading on auto-pilot. Those are great features indeed but not so great when you take into account the negative side of it. The fact is that more that often Expert Advisors do not deliver on their original promise leaving your trading capital in ruin.
There are thousands of automated Forex providers on the net nowadays. This number is increasing day by day and funnily enough they all seem to have insane winning rate some even with a 100% success rate (hmmm). The common sales pitches used by those providers are:
- Make money on autopilot - No experience required
- No experience needed- start making money in minutes
- Make a ton of Money with no experience
- Robot with 100% success rate turns $100 to $1000 in a month
All those sound great to the new comers looking for a mean to make some quick and easy cash, but sadly the reality is that many of them end up losing their hard earned money in the process. Those systems that supposedly can make you thousands of dollars in no time are more than likely going to help you lose money in a relatively short amount of time.
If you are reading this article then consider yourself as one of the lucky ones. Do not get me wrong and am definitely not bragging here, I am simply sharing with you the experience I have had, personally, over those 5 years of trading. I am one of the few who will tell you that 98%+ of the Expert Advisors available on the net simply do not work. If they did work don't you think those major financial corporations would use those systems instead of relying on their FX traders?
The fact is that banks and the big institutions rely heavily on their currency traders to take advantage of the Forex market. They understand that the currency market is way too unpredictable and volatile to allow a robot to be in control. Market conditions change all the time and the only way to adapt to those changes is to have a human mind in control. A robot for instance cannot bend the rules and thus does not cope well if conditions of market changes violently.
No mathematician or engineer can outperform the market with mere Forex robots that do not take into account change in market conditions. Above all, results generated from back testing are not in no means a reliable way to assess how good a system is.
Here are some of the points to take into account when investing in a Forex Robot:
- Who developed the system? (make sure he/she is a well-known Forex trader with substantial experience in Forex trading)
- Has the system been tested on a live account? If yes what are the monthly returns.
- Live track record of the system (no back testing only live accounts)
- What is the maximum risk exposure?
- Maximum draw-down.
If all the above questions are ticked then you got yourself a potential winner.
In my early days, I spent a considerable amount of money searching for the right expert advisor. To cut a long story short I ended up with less money than what was promised by the people selling those robots. I hit rock bottom at that stage and nearly gave up on those so called Expert Advisors when a veteran trader I knew advised me to try a product designed by a guy named Ashkan bolour.
Ashkan Bolour is a highly successful professional Forex trader and a money manager who has featured in well-known trading magazines and books. I started looking around to learn more about Ashkan and his automated trading system.
Well the results were quite amazing. It was not a system making 500% or even 100% return each month but it was making some very consistent profits with small draw-downs. If ever you are looking for a proven system backed by consistent profit made on live accounts, Ashkan Bolour's system, the FXprofit Mountain is a must.
My trading career begun when, Expert Advisors were becoming popular among the retail traders. The hype and results surrounding those systems were so mind-blowing that I believed Forex would be an easy trading game. I wasted a lot of time and money in search of the best Expert Advisor out there. I bought literally every EA that hit the market. They all promised the sky but in the end I was left with nothing. It took me a while to come to terms that most of those systems were no definite solution to currency trading.
Why use Expert Advisors?
These are the main points why traders use EA's:
- System is on autopilot
- Less emotion
- More time to relax
- Emotion free
- Easy to use
- No experience required
- Help documents available
As a trader, those are the benefits you will be exposed to having an Expert Advisor trading on auto-pilot. Those are great features indeed but not so great when you take into account the negative side of it. The fact is that more that often Expert Advisors do not deliver on their original promise leaving your trading capital in ruin.
There are thousands of automated Forex providers on the net nowadays. This number is increasing day by day and funnily enough they all seem to have insane winning rate some even with a 100% success rate (hmmm). The common sales pitches used by those providers are:
- Make money on autopilot - No experience required
- No experience needed- start making money in minutes
- Make a ton of Money with no experience
- Robot with 100% success rate turns $100 to $1000 in a month
All those sound great to the new comers looking for a mean to make some quick and easy cash, but sadly the reality is that many of them end up losing their hard earned money in the process. Those systems that supposedly can make you thousands of dollars in no time are more than likely going to help you lose money in a relatively short amount of time.
If you are reading this article then consider yourself as one of the lucky ones. Do not get me wrong and am definitely not bragging here, I am simply sharing with you the experience I have had, personally, over those 5 years of trading. I am one of the few who will tell you that 98%+ of the Expert Advisors available on the net simply do not work. If they did work don't you think those major financial corporations would use those systems instead of relying on their FX traders?
The fact is that banks and the big institutions rely heavily on their currency traders to take advantage of the Forex market. They understand that the currency market is way too unpredictable and volatile to allow a robot to be in control. Market conditions change all the time and the only way to adapt to those changes is to have a human mind in control. A robot for instance cannot bend the rules and thus does not cope well if conditions of market changes violently.
No mathematician or engineer can outperform the market with mere Forex robots that do not take into account change in market conditions. Above all, results generated from back testing are not in no means a reliable way to assess how good a system is.
Here are some of the points to take into account when investing in a Forex Robot:
- Who developed the system? (make sure he/she is a well-known Forex trader with substantial experience in Forex trading)
- Has the system been tested on a live account? If yes what are the monthly returns.
- Live track record of the system (no back testing only live accounts)
- What is the maximum risk exposure?
- Maximum draw-down.
If all the above questions are ticked then you got yourself a potential winner.
In my early days, I spent a considerable amount of money searching for the right expert advisor. To cut a long story short I ended up with less money than what was promised by the people selling those robots. I hit rock bottom at that stage and nearly gave up on those so called Expert Advisors when a veteran trader I knew advised me to try a product designed by a guy named Ashkan bolour.
Ashkan Bolour is a highly successful professional Forex trader and a money manager who has featured in well-known trading magazines and books. I started looking around to learn more about Ashkan and his automated trading system.
Well the results were quite amazing. It was not a system making 500% or even 100% return each month but it was making some very consistent profits with small draw-downs. If ever you are looking for a proven system backed by consistent profit made on live accounts, Ashkan Bolour's system, the FXprofit Mountain is a must.
About the Author:
To see this system in action go to the Forex Expert Advisors section of Forex Trading Domain for a review of all the Forex Systems.